CMI had considered several rival systems, but a key factor behind the company's choice of Icon, which went live on October 22nd 2001,was its ability to handle multi-classed funds.
Multi-classed funds, in which management charges can be varied within the same fund or group of assets, are a 'coming thing' in the European market.Icon can manage and account for multi-classed funds and is also fully compliant with market legislation governing this type of fund vehicle.
Simon Friend, (General Manager) of CMI Asset Management (Luxembourg) S.A., comments:
"Multi-classed funds will be the way forward in Europe and we need a software solution that will enable us to provide funds of this type. Icon will allow us to maximise our exposure to the growing market for funds in Europe."
CMI will also benefit from Icon's technical superiority in other areas, such as its ability to deal with unit pricing. Pricing, reporting and a price feed are all integral to Icon and automated in a seamless process, thereby reducing operating risk to an absolute minimum.
CMI's other main requirement of Icon was that it should be implemented on a timescale of just days rather than weeks. This called on Thomson Financial's hallmark across all its products - rapid and successful implementation. In CMI's case, the time taken between delivery, configuration, build, testing and parallel running on October 1st was just 15 working days. Icon went fully live a further 15 working days later, on Monday, 22nd October.
Damian Powell, Sales Director of Thomson Financial PSG, says:
"The growth of multi-classed funds across Europe and Icon's functional superiority to other products in this respect means that we are expecting strong demand for Icon in the region. We're very pleased to have delivered a system that meet's CMI's requirements and I hope that they will consider Icon for other European offices. The fact that it took only 30 working days from first delivery to going live is also testament to our tried and tested formula for product implementation."
Icon is handling 22 funds, representing Â£3.3 billion (Euro 5.5 billion) at CMI Asset Management (Luxembourg). Thomson Financial PSG has been providing Investment Management Solutions to the CMI Group of companies since 1985, and to the market as a whole since 1976.